“Fiscal Cliff” Bill Also Extends Tax Credits for Renewable Energy, Energy Efficiency and Alternative Fuel Vehicles


On January 1, 2013, the U.S. Congress passed last minute legislation known as the American Taxpayer Relief Act of 2012 (the Act) to avoid an automatic increase in income taxes for millions of Americans and draconian cuts to the budget of the federal government that many feared would plunge the nation’s economy back into recession. Also included in this eleventhhour legislative compromise were extensions of various tax credits related to renewable energy, energy efficiency and alternative fuel vehicles.


26 U.S.C. § 45 and 26 U.S.C. § 48 Renewable Energy Production and Investment Tax Credits:

The Act extended, for one year, the production tax credit (PTC) (26 U.S.C. § 45) and the investment tax credit (ITC)(26 U.S.C. § 48) applicable to renewable energy projects, specifically for wind, closed- and open-loop biomass, landfill gas and trash facilities, qualified hydropower, and marine and hydrokinetic energy facilities.

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